BDA Advises Hanwha Life on Acquisition of Majority Stake in Velocity Clearing
Milestone transaction will mark the first time a Korean insurance company has acquired a controlling interest in a foreign brokerage firm.
Hanwha Life is a leading Korean life insurance company, at the forefront of developing the insurance industry, driving Korean economic growth for 78 years. As part of that growth, the financial group has expanded into overseas markets, including
Velocity Clearing offers a unique combination of people, processes and technology that allow clients to trade, borrow and invest with confidence. Velocity will join Hanwha Life following a record year of growth. Since 2023, Velocity Clearing grew its assets under custody by 300%, more than doubled its correspondent clearing business, increased its US and offshore technology staff by 50%, and expanded into Latin American and Asian markets. The acquisition of Velocity by Hanwha will allow the
Hanwha Life is committed to retaining Velocity Clearing’s existing staff, and promoting collaboration to foster future synergies. The extensive professional experience and expertise of Velocity’s employees will be a valuable asset to Hanwha as it continues to grow.
Euan Rellie, Managing Partner, BDA, said, “BDA has a long record of helping leading Asian companies expand globally. We’re excited about our work for Hanwha, a blue-chip chaebol, with expertise and reach across financial markets. This transaction marks a milestone, not only for Hanwha, but for the entire Korean financial market. Korean financial institutions have long sought to gain exposure to the US banking sector through acquisition, a goal that has remained out of reach – until now.”
The deal team was led by Euan Rellie,
About Velocity Clearing
Velocity Clearing is a technology-driven, self-clearing broker-dealer, providing execution services, clearing, and custody along with access to stock locate services, securities lending, competitive financing, and a firm-wide focus on world-class customer service. Velocity Clearing supports retail traders and institutional clients including brokers/dealers, hedge funds, family offices, and proprietary trading firms in the US and across the globe. With a growing team of professionals in multiple locations, Velocity has the right combination of resources and people to provide seamless and reliable service to clients. Velocity Clearing is registered with the
About Hanwha Life
Established in 1946, Hanwha Life is a leading South Korean life insurance company, the first and oldest in the nation. For 78 years, Hanwha Life has played a critical role in developing the industry and expanding the country’s economic growth. In 2023, Hanwha Life reported total assets of
About
US securities transactions are performed by BDA Partners’ affiliate,
Contact Information:
Euan Rellie
212-265-5300
Contact via Email
www.bdapartners.com
Read the full story here: https://www.pr.com/press-release/925873
Press Release Distributed by PR.com
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